icetana Limited (ASX: ICE) (“icetana” or “the Company” or “we”), a global software company providing artificial intelligence solutions to detect real-time anomalous events on video surveillance systems, is pleased to release its activities report and Appendix 4C for the quarter ended 31 March 2023 (Q3 FY23).
Highlights:
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Annualised recurring revenue of $1.6m as at March 2023, up 12% year on year and down 3% quarter on quarter.
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Continued strong sales pipeline and execution of V2 product sales including contract wins with Toyota Motor and the key guarding services vertical in the US.
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The slight quarterly drop in ARR follows the loss of one customer and the delay in renewal of another, however net ARR retention was 96% over the quarter.
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The shopping mall segment continues to perform well, with a three year renewed commitment from our largest customer, Majid Al Futtaim in Dubai, and significant expansion of Kuwait-based Tamdeen. Both are migrating to the next generation software.
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Quarterly revenue through the March quarter was $422k, down 22% year on year following a substantial one-off revenue item in Q3 FY22, and 1% quarter on quarter.
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Net operating cash outflow of $605k for the quarter, remaining well capitalised with $1.4m cash at bank.
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